Italian fashion group Benetton had a strong third quarter with revenues ahead 13.1%.
The group benefitted from the rescheduling of its deliveries which negatively impacted its last quarter and first half profits. It changed its shipment dates to better match seasonality.
In the first nine months of the year net sales were down 2.8% with profits down €29m to €680m.
Benetton chief executive Gerolamo Caccia Dominioni said: “The nine month results strengthen our confidence in the choices made in the reorganisation process under way in the company.
“The company has put in place incisive actions, particularly in respect of cost containment and financial management. On the basis of the good results in the first nine months, and in the absence of positive signals on the macroeconomic front, we expect to confirm revenues for the full year substantially in line with the nine month trend.”
He added: “Due to higher than expected savings, we will ensure satisfactory profitability. Positive cash generation will result, by the end of the year, in lower indebtedness than at December 2008”.